With Youtube now steaming IPL live, the new version FlashPlus is even more useful. Some of the features in this release are

Support for Flash Movies inside iFrames of the page

Corrected the z-index to show flash videos above other components of the page.

Support for pages that embed Flash using only the object tag.

The Youtube IPL page has atleast three nested iFrames and the extension works like a charm. The only problem is with the boundaries of the iFrame that limit the movement of the Flash Content. This is something that will be fixed in the next release.
The next release would mostly be

Add ability to pop out flash movies into a new window

The Page action icon shows screenshots of flash with distortion. This is to be fixed.

Flashplus currently replaces flash when the icon is clicked. This would cause flash to reload, restarting it. This is bad when watching streaming videos and playing games. There will be an options page for this.